Goa is located in the western region of India. The state shares its borders with the Arabian Sea to the west, Maharashtra to the north and Karnataka to the south and the east. It is traditionally known as a tourist paradise for its natural scenery, unique beaches and cultural diversity.
Goa is one of the fastest growing states in the country. The Gross State Domestic Product of Goa at current prices increased at a Compound Annual Growth Rate (CAGR) of 9.08 per cent from 2011-12 to 2019-20. Goa’s net state domestic product (NSDP) was Rs 641.50 billion (US$ 9.95 billion) in 2017-18. Goa's economic growth is driven by the strong performance of industrial sectors such as mining, tourism and pharmaceuticals.
As of November 2019, Goa had a total installed power generation capacity of 573.96 MW. Goa is also one of the few states in India to achieve 100 per cent rural electrification.
Goa has a well-developed social, physical and industrial infrastructure and virtual connectivity. It has an international airport that is in line with its importance as a globally-recognised leisure destination. It also has significant port infrastructure. The state has an established base for the pharmaceuticals industry and an emerging destination for knowledge-based industries such as biotechnology and IT.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflows into the state of Goa, during April 2000 to June 2019, were US$ 985 million.
- A second greenfield international airport is being developed in Mopa, Goa with an annual capacity to handle 30 million passengers by phase IV. The first phase of the airport is expected to start by September 2020.
- A new export policy for the state is also being prepared in order to promote exports for manufactured goods and surplus agriculture produce.
- Merchandise exports from the state reached US$ 2.10 billion in 2017-18 and US$ 2.06 billion in FY19.
- As of November 2019, Goa had seven formally approved and three notified special economic zones (SEZs).
- Union Ministry of Home Affairs (MHA) has identified five islands in Goa, namely St George Island, Grande Island, Pequeno Island, Conco Island and Bhindo Island to carry out holistic development.
- Goa government has approved the Rs 981 crore (US$ 144.1 million) proposal for Panaji Smart City which will have a major focus on eco-mobility, public transport system and improvement of conservation zones.
- As per the State Transport Authority, Government of Goa has granted approval for operations of GoaMiles app-based taxi service in accordance with the Guidelines for App Taxi operators in the State.
- For the development of ‘Ease of doing business’ and ‘investor friendly ecosystem’ initiatives in the state, the state government has proposed to establish an EMS (Electronic Monitoring
- Goa currently* has a total of 38 operational mining leases with a reported production of 6.08 million tonnes in 2017-18. Exports value of iron ore reached US$ 54.11 million tonnes in 2018-19 and stood at US$ 21.35 million between April-September 2019. Total Iron Ore1 traffic handled at Mormugoa Port, Goa in 2019-20P (till November 2019) was 10.38 million tonnes.
- The state is in the process of developing the logistics sector in Goa by forming a special logistics group and constructing several bridges to address the existing deficiencies with regard to logistics and warehousing.
- During January to December 2017, the number of passengers who arrived in the state on the basis of e-tourist visas was recorded to be 133,798. Moreover, the state recorded a total of 851,048 foreign tourists from over 141 countries across the globe. Goa witnessed arrivals of 4,876,359 domestic tourists and 604,414 foreign tourists, 5.48 million tourists have visited the state up to October 2018.
- Goa has a coastline of about 104 kms and inland waterways of about 250 km. The coast is full of creeks and estuaries formed by rivers; 144.28 thousand tonnes of marine fish and 5.33 thousand tonnes of inland fish were harvested in 2017. Marine fish production in the state upto October 2018 was 89,266 tonnes while inland fish production was 4,124 tonnes.
*during 2017-18 1– Includes Pellets, P- Provisional